Recently It Has Been Discovered That Lobsters Grown on Lobster

question 221

Multiple Choice

Recently it has been discovered that lobsters grown on lobster farms can feed on algae, which is a cheaper lobster food.As a result of this discovery,

• A)the supply curve for lobster will shift to the left
• B)the supply curve for lobster will shift to the right
• C)there will be an increase in the quantity of lobsters supplied
• D)there will be a decrease in the quantity of lobsters supplied
• E)both supply and demand curves will shift to the right

---

Definitions:

Pareto Diagram

A graphical tool used for decision-making that highlights the most significant factors in a data set according to the Pareto principle.

Quality Loss Function

highlights the losses incurred by deviating from the optimal product quality level, emphasizing that loss increases as the product moves away from what is considered the target value.